M/S. ZONAL MINING & LOADING CONTRACTOR,KEONJHAR vs. ACIT, CIRCLE-1(1), SAMBALPUR

In the result, appeal of the assessee is allowed for statistical purposes

Bench: Shri N.S.Saini, Am & Shri Pavan Kumar Gadale, Jm आयकर अपीऱ सं./Ita No.166/Ctk/2016 (नििाारण वषा / Assessment Year :2010-2011) M/S Zonal Mining & Loading Vs. Acit, Circle-1(1), Contractor, At-Jurudi, Po- Sambalpur Jajanga, Via-Joda, Dist- Keonjhar-758052 स्थायी लेखा सं./जीआइआर सं./ Pan/Gir No. : Aaafz 1495 M (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) .. निर्ााररती की ओर से /Assessee By : Shri B.R.Panda, Ar राजस्व की ओर से /Revenue By : Shri D.K.Pradhan, Dr सुनवाई की तारीख / Date Of Hearing : 28/12/2017 घोषणा की तारीख/Date Of Pronouncement 28/12/2017 आदेश / O R D E R Per Shri Pavan Kumar Gadale, Jm: The Assessee Has Filed An Appeal Against The Order Of Cit(A), Cuttack, Dated 23.02.2016 For The Assessment Year 2011-2012, Wherein The Assessee Has Raised The Following Grounds Of Appeal :- A. For That The Orders Of The Forums Below Are Unjust, Illegal, Improper, Capricious In The Facts Of The Case, Hence, The Entire Addition U/S.69 & 69C Of The It Act Should Be Quashed & Deleted. B. For That The Addition Of Rs.14,52,230/- By The Id. Ao & Confirmed The Same In The First Appeal Is Bad In Law Since The Closing Balance In The Current Account Of Bank Is Not An Investment To Attract The Provisions Of Section 69 Of The It Act. Therefore The Addition As Such Is Not Accepted. C. For That, The Id. Ao Had Accepted The Transactions Involved In The Current Account No. 0218-U62700-060 Relating To Business Income Of The Appellant Shown In The Return Of Income, Thus Additions Of Closing Balance Of Same As Unexplained Investment Is Illegal & Bad In Law Needs To Be Deleted In Toto. D. For That, Addition Of Rs.37,86,283/- As Unexplained Expenditure U/S.69C Of The It Act In Mechanical Manner Without Proper